Switch between new corrected IRS forms and back

Forum|Forum|6 years ago
September 29, 2019
1 reply
4 views

I've already filed my 2018 tax return. Now, IRS send me letter that form had mistake and form was updated (Schedule D). I'd like to view my tax return as if it was filed with new updated form. I think, I need to agree to update forms when TUrboTax starts. Then I'd like to return back to the state when I filed tax return (before form was updated). How could I achieve this?

TurboTax

VolvoGirl

Level 15

You can't. If you update the program you can't go back. It will change your return. Are you on Windows or Mac? Unplug your computer from the internet so it won't update the program. Did you save your return as a pdf file after you filed? That will show you the way it was.

If you filed early and had Schedule D for investments or sales in your return the IRS had an update and has been sending refunds or tax due bills.

IRS info on Schedule D changes (after May 15, 2019)

https://www.irs.gov/forms-pubs/error-in-tax-calculation-in-schedule-d-tax-worksheet-form-1040

People affected by the Schedule D Tax Worksheet error do not have to do anything, and should not do anything. Just wait for more information from the IRS.

The IRS information says the following.

"Affected taxpayers need not file an amended return with the IRS or call the IRS. The IRS is reviewing returns submitted prior to May 16; more information will be provided about this review later."

Heres the IRS info

https://www.irs.gov/forms-pubs/error-in-tax-calculation-in-schedule-d-tax-worksheet-form-1040

cindi11

Level 5

Has this been fixed in TT for tax year 2019? I suspect not because it's still is wrong in the IRS tax documents. In fact also the IRS says this "The IRS corrected the Schedule D Tax Worksheet in the Instructions for Schedule D (Form 1040, U.S. Individual Income Tax Return) by renumbering line 18 as line 18a, adding new lines 18b and 18c, and updating the text on line 19 to reflect those changes." I've never been able to find an actually updated form with those changes made.

I'm using HR Block and it is still calculating it wrong for 2019. If TT is doing it right I will buy TT.

Note, I know it is calculating wrong because when I increase my ordinary income by $1, it taxes that at 25%. The only 25% bracket should be depreciation recapture. My marginal tax bracket for ordinary income is 22%, so I should only be taxed on 22% of my $1 increase.

Critter

Level 15

Adding $1 and looking at the refund change is not the way to see what is happening on the return ... depending on your income a $1 increase the tax by more than the marginal bracket due to various things like losing credits or adding other taxes. Review the actual tax forms to see what is being changed in the program you are currently using instead of starting all over in a different app.